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COSCO SHIPPING International (Singapore) Co., Ltd. (“COSCO SHIPPING” or the “Company” and together with its subsidiaries, the “Group”) aims to become the best-integrated logistics service provider in South and Southeast Asia. The Company is also involved in dry bulk shipping, ship repair and marine engineering, as well as property management.
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Additional Investment In Cosco Marine Engineering (Singapore) Pte Ltd
The Board of Directors of Cosco Corporation (Singapore) Limited ("the Company") is pleased to announce that the Company has acquired additional 600,000 ordinary shares of S$1/- each, representing 30% of the total equity stake in the capital of the subsidiary, Cosco Marine Engineering (Singapore) Pte Ltd from Tong Foong Holdings Pte Ltd on 16 April 2004.
With the completion of the additional stake, the Company will hold a total of 1,800,000 ordinary shares of S$1/- each representing 90% of the issued capital of Cosco Marine Engineering (Singapore) Pte Ltd.
MATERIAL EFFECT
The above transaction is not expected to have a material effect on the earnings per share or the net tangible assets of the Company for the current financial year.
INTEREST IN TRANSACTION
None of the Directors of the Company has any interest in the above transaction except that Messrs Ji Haisheng, Gu Qichang and Yao Hong are directors of Cosco Marine Engineering (Singapore) Pte Ltd.
The Directors are not aware of any other substantial shareholder having any interest, direct or indirect, in the said transactions and have not received any notification of any interest in the transaction from any substantial shareholders.